tv [untitled] August 2, 2011 2:24pm-2:54pm EDT
competitive with their competitors around the world. and we are literally at the highest tax rate of all 36 of our worldwide competitors in terms of selling our products overseas. that has to be adjusted, and in doing so, we can stimulate our economy to growth and we can bring in revenue on the basis of that growth. more companies will be making more money and, therefore, paying more taxes. and more people will be at work and getting paychecks and, therefore, also contributing what they can't contribute now. past tax reform efforts on a comprehensive basis have proven that it is the best stimulus you can provide for an economy, and the best thing you can do to get the economy thriving and moving again and getting people back to work. and so those two components -- entitlement reform, absolutely necessary to preserve those programs for future retirees and benefits, that current retirees are receiving, and tax reform to
move our economy forward -- need to bto be the core of what this special 12-member committee deals with and recommends to this body to address. my litmus test for this next tranche here is that there be a commitment to move forward in these two critical areas that will have more impact on our future than nils w -- than anything else we do or have done so far to date. and then i know we have committed through this bill we just passed to take up debate and a vote on a balanced budget amendment. clearly, if we want to ensure and guarantee the future solvency of our country and to the future confidence of our citizens, we need to impose upon the constitution an amendment that balances the budget or we will find ourselves back in this situation as congress'
propensity to spend and not say no to anyone will continue. it seems to be just part of -- almost part of who we are. it's just so hard to say "no" to someone. well, it's easier now. we don't have the money. and, secondly, we have expanded this government beyond its ability to fulfill its responsibilities correctly. the work is ahead. we have to address the root causes. my sleeves are rolled up. i will continue to push forward to rein in spending. i'll tell to work to reform the tax code so businesses can provide more jobs and be more competitive. i will not back away from addressing the need for entitlement reform. we need to restructure those programs to keep them from becoming bankrupt and denying important and retirement benefits for our citizens. now is the foo time for us in te
congress, whether we voted for this bill or against this bill -- and i'm not criticizing anyone who voted for it, because many of those believed that it is the first of many steps. it wasn't adequate in my opinion, but at least it was a first step. and i don't believe we should be criticizing those who made that decision. and it also address the question of default. i did not support default which is why i offered a short-term plan that because i felt this initial bill being presented to us was quofully inadequate of what we needed to do now to send the right signals that were on a serious path to reform, i was willing to allow for a debt increase of a limited period of time, six to eight weeks, cancel our recess, work here to find a better solution that could
achieve more support and confidence in the investment industry that we have taken a serious step forward. that obviously did not go forward, but, nevertheless, when we return, all of us, whether we voted "yes" or "no" must make a commitment to engage, plunge into the problem, make our commitment to do whatever's necessary, not politically necessary, whatever is necessary for the future of our country. that is our challenge and i hope we will rise to that challenge. so i've not given up on our ability to respond to the will of 9 peopl -- will of the peopld to respond to the crisis we face. so "yea" or "nay" let's all agree to come back with a focus on where we need to go, what we need to do and a courage to make the tough choices for the benefit of the future. mr. president, with that, i yield the floor and note the absence of a quorum. the presiding officer: the clerk